Wagering on Alan Greenspan Healthy for the Economy?
As the U.S. and UK elections showed over the past few months, political wagering can prove lucrative to bookmakers and players alike, Greenspan bets being no exception to this rule.
Miami Beach, FL (PRWEB) June 2, 2005 -- Considered the second most powerful political position in the world by many, the Chairman of the US Federal Reserves has been ruled by one Dr. Alan Greenspan for the better part of 13 years. His term comes to an end January 31, 2006.
Already there is heavy action seen on Greenspan's successor according to www.BetRoyal.com CEO, Kevin King.
"These types of political prop bets are very popular with our customer base," commented King. "And so far we have taken some decent action on this particular bet."
Technically, the chairman could still get a request to stay on a bit longer by the Bush Administration. It should also be mentioned that while Greenspan's 14-year board membership expires at the beginning of next year, his fifth four-year term as chairman does not expire until June 16, 2008 - potentially extending his tenure another 2.5 years - if no replacement is put forward.
However, there are a few names that come to mind as possible replacements.
Most discussions about Greenspan's succession begin with acclaimed Harvard economist Martin Feldstein, 14 years Greenspan's junior. BetRoyal though lists him with +400 odds (or $100 bet pays out $400). Instead, the Costa Rican based betting firm has Ben Bernanke as the house favorite, though technically still a dog at +125. Glen Hubbard is listed with +200 odds. John Taylor and Donald Kohn are both featured with +700 odds (or $100 bet pays out $700).
Greenspan's successor will not have it easy. He will be forced to deal with the ramifications of an economy teetering on the verge of a severe recession, hence the reason why gamblers and bookmakers alike do not believe Greenspan will remain on after January 2006.
It is estimated that a few million dollars was wagered on the U.S. Presidential elections this past November, making it the single-most bet on nonsports event ever.
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